Full Press Release Details
Reports Third Quarter 2017 Financial Results
-Company Reports Third Quarter 2017 Revenue of $6.1 Million, Up 55%
Compared to Last Year -
- Continued Progress on Building a Consumer Products Platform
IRVINE, Calif., Nov. 9, 2017 ChromaDex Corp.
(NASDAQ: CDXC), a science-based, fully integrated nutraceutical
company devoted to extending human healthspan, announced today the
financial results for the quarter ended September 30,
Jaksch, Jr., CEO and co-founder of ChromaDex commented, The
science continues to build and we are now well positioned with cash
on our balance sheet to execute our growth
Six months into our strategic shift, we are doing better
than expected, said Rob Fried, President and Chief Strategy
Officer of ChromaDex. Our revenue growth in the quarter was
led by sales of TRU NIAGEN ."
Results of operations for the three months ended September 30,
three months ended September 30, 2017, ChromaDex reported net sales
of $6.1 million from continuing operations, which was up 55% as
compared to $3.9 million for the third quarter of 2016. For the
quarter, net sales of NIAGEN related
revenues were $4.5 million, which represented 73% of third quarter
profit improved in the third quarter of 2017 to 47.9%, as compared
to 47.3% for the same period in 2016. We experienced slightly
better gross margins due to the positive impact of
NIAGEN related sales,
which we anticipate continuing.
Operating expenses were $6.1 million, as compared to $2.8 million
for the third quarter of 2016, as we made incremental investments
of $3.3 million in sales and marketing, research and development,
and general and administrative expense to support revenue
The net loss from continuing operations attributable to common
shareholders was $3.2 million, as compared to $2.3 million for the
third quarter of 2016, as we also made investments in the third
quarter of 2017 to accelerate our future growth trajectory. Loss
per share from continuing operations for the third quarter of 2017
was ($0.07). Looking forward, we expect to continue to invest ahead
of growth to capture the global opportunity for NIAGEN .
EBITDA, a non-GAAP measure, was $2.9 million for the third quarter
of 2017, compared to adjusted EBITDA of ($0.6) million for the
third quarter of 2016. The Basic and Diluted Adjusted EBITDA per
share for the third quarter of 2017 was $0.06 versus ($0.02) for
the third quarter of 2016.
ended the quarter with a solid balance sheet with quarter-end cash
third quarter of 2017, ChromaDex completed the sale of its
operating assets that were related to ChromaDex's quality
verification program testing and analytical chemistry business for
food and food related products. As result of the sale, ChromaDex
posted income of $5.4 million from discontinued operations or $0.12
Recent Company highlights include:
November 2017, the Company announced the signing of a $23 million
private placement led by high profile venture capitalists and
international strategic investors.
the Company appointed Kevin Farr as new Chief Financial Officer.
Farr joined ChromaDex from Mattel, Inc., where he was Executive
Vice President and CFO since 2000.
the Company announced the initial results of its second human
clinical study of NIAGEN nicotinamide
riboside chloride (NR) confirmed NR significantly and sustainably
raised the co-enzyme nicotinamide adenine dinucleotide (NAD+) in
140 healthy human volunteers over 8-weeks.
the Company announced its new partnership with Hong Kong based
retailer, A.S. Watson, for the launch of the U.S. made TRU
dietary supplement in Asia.
the Company signed a definitive agreement to sell its analytical
testing services business to LabCorp.
the Company closed the $5.1 million third and final tranche of the
$25 million strategic investment led by Hong Kong business leader
Company sponsored the Federation of American Societies for
Experimental Biology (FASEB) 2017 conference for NAD+ Metabolism
Investor Conference Call
management will host an investor conference call to discuss the
year end results and provide a general business update on Thursday,
Nov. 9, at 4:30 p.m. ET.
should call in at least 10 minutes prior to the call. The dial-in
information is as follows:
| U.S. Toll-Free Number: | (866) 327-8118 |
| International Dial-In Number: | (678) 509-7526 |
| Conference ID: | 2486749 |
| Webcast link: | https://edge.media-server.com/m6/p/h4svziad |
earnings press release, accompanying financial exhibits and webcast
replay will all be available on the Investor Relations section of
the Company website, www.chromadex.com.
About Non-GAAP Financial Measures
non-GAAP financial measures exclude interest, tax, depreciation,
amortization and share-based compensation. ChromaDex used
these non-GAAP measures when evaluating its financial results as
well as for internal resource management, planning and forecasting
purposes. These non-GAAP measures should not be viewed in isolation
from or as a substitute for ChromaDex's financial results in
accordance with GAAP. A reconciliation of GAAP to non-GAAP measures
is attached to this press release.
discovers, acquires, develops and commercializes patented and
proprietary ingredient technologies that address the dietary
supplement, food, beverage, skin care and pharmaceutical markets.
In addition to our ingredient technologies unit, we also have
business units focused on natural product fine chemicals (known as
"phytochemicals"), and product regulatory and safety consulting. As
a result of our relationships with leading universities and
research institutions, we are able to discover and license early
stage, IP-backed ingredient technologies. We then utilize our
in-house research and development laboratory, regulatory and safety
consulting teams to develop commercially viable ingredients. Our
ingredient portfolio, including